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Connacht Tribune

Estate agents critical of Central Bank decision

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IPAV Chief Executive Pat Davitt

The auctioneering representative group, IPAV, has said the Central Bank’s decision not to relax rules on borrowing will leave those on average wages unable to buy a home.

The rules – which were introduced in 2015 in an effort to prevent another bubble in the housing market – stipulate that buyers cannot borrow more than three-and-a-half times their gross income and that first-time buyers must have a minimum deposit of 10%. Second-time and subsequent buyers must have a 20% deposit.

Last week, the Central Bank completed a review of the rules and decided against making any changes.

Gabriel Makhlouf, Governor of the Central Bank of Ireland “The mortgage measures are working and because they are working, we don’t propose any changes to them.

“If the measures had not been introduced in 2015, our models suggest that both the level of house prices and the proportion of highly indebted mortgage borrowers would likely have been significantly higher in 2019 than we see, all else being equal.”

The Institute of Professional Auctioneers & Valuers (IPAV) – which represents 1,300 auctioneers around the country – said while the news was “unsurprising”, the situation left the less well-off who could well afford to make mortgage repayments in a vulnerable position.

Chief Executive Pat Davitt said: “While those on high-end salaries can afford to buy, those on average wages are in real difficulty.

He said overall the Central Bank mortgage rules play an important role.

For more, read this week’s Connacht Tribune.

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Connacht Tribune

Schools and colleges in Galway advised to close for Storm Barra

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Schools in Galway have begun informing parents that they will not open tomorrow, following advice from the Department of Education.

The Dept said this evening that schools, colleges and universities in areas where a Status Orange or Red warning apply for Storm Barra should not open.

A spokesperson said: “Met Éireann has advised that there is a strong possibility that the status of parts of these counties currently in Status Orange are likely to change and escalate to Status Red.

“Due to the significant nature of Storm Barra, as forecast by Met Éireann and to give sufficient notice to institutions of further and higher education, the department is advising that all universities, colleges and further education facilities covered by the Red Alert and Orange warning from Met Éireann should not open tomorrow, 7 December.

“All schools and third level institutions should keep up-to-date with the current weather warnings which are carried on all national and local news bulletins and in particular any change in the status warning for their area.”

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Connacht Tribune

Galway Gardaí: ‘Stay at home during Storm Barra’

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Gardaí in Galway have warned people to stay home tomorrow (Tuesday) as Met Éireann forecasted a ‘risk to life’ ahead of Storm Barra’s expected landfall tomorrow morning.

At a meeting of the City Joint Policing Committee (JPC), Council Chief Executive Brendan McGrath said the City Council was preparing for the ‘high probability’ of coastal flooding.

A combination of tomorrow’s high tides with the forecast high winds and heavy rainfall would likely lead to a flooding event, he said.

Chief Superintendent Tom Curley said the best advice available was to stay at home but refused to comment on school closures – advising that was a matter for the Department of Education.

Mr McGrath said a number of meetings between local and national agencies had already taken place, with more set to run throughout the day as preparations got underway for this winter’s first severe weather event.

“High tide is at 6.45am tomorrow morning and at 7.20pm tomorrow evening. There is currently a Red Marine Warning in place for the sea area that includes Galway and an Orange Storm Warning for Storm Barra for 6am Tuesday morning to 6am on Wednesday morning,” said Mr McGrath, adding that it was possible this storm warning could be raised to Red later today.

With high tide at 5.45 metres and a forecast storm surge of 1.05m, the risk of flooding was significant. In addition, winds were currently forecast to be South-West to West, said Mr McGrath, conducive to a flooding event in the city.

“It is potentially problematic . . . the hope would be that the storm surge doesn’t happen at the same time as high tide,” he added.

The flood protection barrier had been installed at Spanish Arch over the weekend and storm gullies had been cleaned. Sandbags were to be distributed throughout the day, said Mr McGrath.

Council staff would be on duty throughout the weather event and Gardaí would be operating rolling road closures from early morning. Carparks in Salthill were closed today, while tow trucks were on standby to remove any vehicles not moved by their owners before the high-risk period.

Chief Supt Curley said it was imperative people stayed home where possible.

The best way to say safe was to “leave the bicycle or the car in the driveway” from early tomorrow morning, and to stay indoors until the worst of the storm had passed.

Met Éireann has warned of potential for flooding in the West, with Storm Barra bringing “severe or damaging gusts” of up to 130km/h.

A Status Orange wind warning has been issued for Galway, Clare, Limerick, Kerry and Cork from 6am Tuesday to 6am Wednesday, with southerly winds, later becoming northwesterly, with mean speeds of 65 to 80km/h and gusts of up to 130km/h possibly higher in coastal areas.

“High waves, high tides, heavy rain and storm surge will lead to wave overtopping and a significant possibility of coastal flooding. Disruption to power and travel are likely,” Met Éireann said.

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Connacht Tribune

Storm Barra to bring coastal flooding and disruption to Galway

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Met Éireann has warned of potential for flooding in the West on Tuesday, with Storm Barra bringing “severe or damaging gusts” of up to 130km/h.

A Status Orange wind warning has been issued for Galway, Clare, Limerick, Kerry and Cork from 6am Tuesday to 6am Wednesday, with southerly winds, later becoming northwesterly, with mean speeds of 65 to 80km/h and gusts of up to 130km/h possibly higher in coastal areas.

“High waves, high tides, heavy rain and storm surge will lead to wave overtopping and a significant possibility of coastal flooding. Disruption to power and travel are likely,” Met Éireann said,

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